Thanks to those who participated in our 'Ask An Expert: Scams' event. Scam expert MSE Katie's video answers are available to watch on the board now.

Newly Bankrupt few question

edited 24 January at 10:49PM in Bankruptcy & living with it
1 reply 182 views
CzeskyyCzeskyy Forumite
18 Posts
10 Posts
edited 24 January at 10:49PM in Bankruptcy & living with it
Hello all, 
Have recently applied for bankruptcy and I was approved on 16/01/23. 
Today I received call from OR just double checking my budget and to inform me I won't have IPA. However this phone call was very brief no much questions asked, only about my childcare and few other expenses and income.
Then I received email confirming  I won't have IPA. ( I Don't have spare income anyway) 

1st questions : shall I expect another phon call from OR ??? Or this was it ?? Bit confused here as I expected longer phone call with more questions and potential explanation etc ...
I like to add that I received email from insolvency with few details and to inform me about 3 forms to be sent to me , to sing up and send back asap. 

2nd question : 
I have car on HP , over phone OR asked me about usage of car ( I need for school runs and for my partner work traveling and quite often to look after my parents mother ),  OR was no further interested in this subject.
What will potentially happen to car ?? 
I did contact my HP company and I can carry on paying for it until fully paid in another 6 months but wondering what will happen after,  will car be automatically claimed by OR ??? 
Would it be better off to give car back to HP company ??? 
Perhaps sale care and settle HP agreement and potential surplus use to buy cheeper car ??
How best approach this situation ?? 
I like to add that car is more used by my partner than myself, but unfortunately is on my name, same time my bankruptcy application include our bills and expenses as one family. 
Car is around 3.5k market value and 1.2k on hp at moment. 
Just to add paying off my HP won't change my budget much I will still not have any surplus money as our budget is very tight as it is for now. 

I will appreciate anyone who can advise me on my case and perhaps provide more details what to expect now. 


  • sourcratessourcrates Forumite
    26.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Yep, once confirmed no IPA that`s the job about done.

    If they didn`t mention the car, then I would assume they have no interest in it.

    However, if you want a clear answer, give the OR a call and ask, that`s the simplest way, as we can only speculate on here what there intentions might be.
    Ex MSE Board Guide.

    More than a third of IVA`s fail....fact.
    Could A Debt Relief Order help you ?
    Never pay a fee for a Debt Management Plan.
    For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
Sign In or Register to comment.
Latest MSE News and Guides

Boost your Nectar points

Get up to £25 this Saturday

MSE News

Preparing for summer

What MoneySaving things can you do now to get ready?

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals